Adanac Molybdenum Corporation
TSX VENTURE : AUA
PINK SHEETS : ANCGF
FRANKFURT : A9N

Adanac Molybdenum Corporation

December 21, 2006 15:19 ET

AMEC Awarded Detailed Engineering and Procurement for Ruby Creek

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2006) - Adanac Molybdenum Corporation (TSX VENTURE:AUA)(PINK SHEETS:ANCGF)(FWB:A9N), is pleased to announce that it has signed a contract with AMEC Americas Limited. (AMEC) to provide detailed engineering and procurement services for Adanac's Ruby Creek Molybdenum Project.

Detailed engineering and production of working drawings are estimated to take approximately 13 months to complete. Procurement (down payment on long lead items) for the facility and construction infrastructure will be required early in the New Year.

AMEC is one of Canada's most experienced engineering and construction specialists for remote northern projects. In the past 10 years, AMEC has provided detailed engineering and construction management services for nearly 50 mining and metals projects across North and South America; including the Victor Mine in Ontario, Pogo and Red Dog in Alaska, and Ekati and Snap Lake in the NWT. AMEC employs more than 20,000 people working from a network of offices throughout the UK, US and Canada, as well as regional offices and projects worldwide.

The capital cost of the Ruby Creek Molybdenum Project has been estimated previously at $450 million; and is scheduled to begin construction in mid-2007, with commissioning scheduled for late 2008 and commercial production during 1st quarter 2009.

On Behalf of Management

ADANAC MOLYBDENUM CORPORATION

Michael MacLeod, President and Chief Executive Officer

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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